US: Polo Ralph Lauren lowers outlook as Q3 profit falls 7.1%
Polo Ralph Lauren Corporation today (4 February) posted a 7.1% drop in third quarter profit on lower sales, and reduced its full-year revenue guidance.
The New York based firm said net income fell to US$105m from $113m a year earlier.
Net revenues for the third quarter declined 1% to $1.25bn from $1.27bn, as lower same-store sales were partially offset by higher wholesale sales after the company took control of children's wear and golf apparel in Japan.
Wholesale revenues increased 5% to $655m in the quarter.
Retail sales at the company's 332 stores were down 7% to $547m in the third quarter last year, partially offset by revenues from new stores and growth at RalphLauren.com.
Licensing royalties declined 9% to $50m from $55m, the company said.
Quarterly operating expenses were down 1%.
Blaming the deteriorating economic environment, Polo Ralph Lauren now expects fiscal 2009 net revenues to be flat-to-down low single digits, which compares to earlier guidance of a low single digit increase.
"We are operating in one of the most challenging times our company and industry has ever faced," said Ralph Lauren, chairman and chief executive officer.
Help test our new apparel sourcing tool.
Steve Madden has increased its full year guidance after strong growth in sales and net income in the second quarter....
AnnTaylor Stores Corporation today said that an expansion of its restructuring programme will now lead it to generate annual savings of close to US$125m over the three-years ending in fiscal 2010. The...
Lower sales to department stores and other channels, coupled with a shift in spending as cash-strapped shoppers sought out deals in its factory outlets, have pushed luxury handbag and accessories make...
Shares in footwear operator Deckers Outdoor Corporation fell sharply after a gloomy fourth quarter forecast took the gloss off the company's second quarter profit....
Retailer Pacific Sunwear of California has lowered its second quarter sales and earnings guidance after projected non-cash impairment charges doubled....
Women's wear retailer Charlotte Russe highlighted the progress made by the company in reporting a slight fall in third quarter profits, but reduced markdowns....
Women's apparel retailer Cache saw its second quarter profit more than halved, but the company said it was "encouraged" by the consumer response to its merchandise....
Department store retailer JC Penney Company Inc is opening its first-ever store in Manhattan at the end of this month....
- Rana Plaza four years on – Timeline of change
- Using worker surveys to drive supply chain change
- Trump and Brexit get a dose of pragmatism
- Where does VF supply chain sit in growth strategy?
- No US rush to Myanmar despite end to sanctions
- Inditex, Adidas and Patagonia top ethical report
- Calls for supply chain transparency standard
- Amazon wins on-demand apparel manufacturing patent
- Driving ban intensifies Myanmar logistics hurdles
- US textile industry applauds Trump executive order
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Myanmar - ISA Country Report
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts